On Friday, non-retail investors had placed bids for 6.3 crore shares against 5.14 crore shares representing 1.22% of equity on offer, resulting in over-subscription or 1.23 times or 137.39%.
Bids were received at a price of Rs 494.54 per share against the floor price of Rs 486 per share.
Vedanta has exercised the oversubscription option in the OFS to the extent of over 1.21 crore equity shares or 0.29% in addition to 5.14 crore equity shares representing 1.22% of the total issued and paid-up equity share capital of the company forming part of the base offer size.
Also Read: Sensex Today“We wish to intimate the stock exchanges of our intention to exercise the Oversubscription Option in the Offer to the extent of 1,21,65,562 equity shares (representing 0.29% of the total issued and paid-up Equity Share capital of the Company) in addition to 5,14,40,329 equity shares,” Vedanta said in the filing.”Accordingly, the total offer size will be up to 6,36,05,891 equity shares representing 1.51% of equity capital,” the filing said. Of these, 63,60,590 equity shares i.e. 10% equity shares of the offer would be reserved for allocation to Retail Investors, it added.At the end of the June quarter, Vedanta owned 64.92% stake in HZL while the government had 29.54%. Vedanta plans to demerge its aluminium, oil and gas, power, base metals, and iron and steel businesses into separate listed entities. This demerger aims to reduce refinancing risks and reliance on dividends from Vedanta Resources Ltd.
As of June 30, 2024, Vedanta’s net debt stood at Rs 61,324 crore.
Last month, the mining conglomerate raised Rs 8,500 crore (over $1 billion) through Qualified Institutions Placement (QIP) of 19.31 crore equity shares at an issue price of Rs 440 per share.
ET had recently reported that HZL is likely to announce a special dividend of Rs 6,000 crore to its shareholders this month. Last month, the National Company Law Tribunal (NCLT) had approved the transfer of Rs 10,383 crore from the company’s general reserves to retained earnings.
